Unicredit closed the first quarter with a net profit down by 28,1% to 512 million but in line with expectations (511 million). But the figure is up by 201% compared to 170,4 million in the last quarter of 2014. And for the CEO Federico Ghizzoni it is a "definitely positive" quarter.
The main contributors are Commercial Bank Italy with €564 m (+35,1% QoQ) and CIB and CEE divisions with a total amount of €611 m (+15,6% Q/Q). RoTE1 rose to 4,8%. The impact of the new Single Resolution Fund was instead 91 million euro.
EBIT more than doubled thanks to higher revenues, cost control and lower cost of risk (-62 basis points). Loan loss provisions fell by 42,2% to 980 million euros compared to the previous quarter.
Assets under management reached their all-time high of approximately €300 billion (+10,4% quarter on quarter).
The CET1 ratio transitional stands at 10,50% including the transaction on Pioneer, (9,5% the minimum requirement set by the ECB) following the adoption of the phase-in rules for 40%, while the CET1 ratio fully loaded is 10,35%.
“After the important results achieved in 2014, I consider the first quarter of 2015 to be decidedly positive – said the CEO Federico Ghizzoni – In a context showing some signs of recovery, the UniCredit group achieved a net profit in line with expectations. Credit quality improves and our capital solidity is confirmed. We continue to deliver on our strategic plan and profits are driven by good operating results in the bank's various areas and businesses. Despite the difficult macroeconomic environment, the CEE remains a key contributor to the Group's results”.
